CAPELCO and Green Core Geothermal Inc. officials in a photo opportunity with Gov. Victor A. Tanco during the signing of agreement of both parties at Kapiz Mansion in Brgy. Banica, Roxas City, September 5. (CPPB Photo)

ROXAS City â Member-consumers of Capiz Electric Coop, Inc. will soon enjoy lower electricity rates as Capelco signed with Green Core Geothermal Inc. (GCGI), a subsidiary of geothermal leader Energy Development Corporation (ADC), an amendment to their Power Supply Agreement (PSA).

Based on the amended PSA, GCGI reduced its price in 2015 by approximately P0.30 per kilowatt hour.

The reduce rate means P140 million savings in generation charges for the power coop.

GCGI and Capelco agreed on a new price pursuant to the re-pricing provision and market-based price structure in their original ten-year PSA, which was signed in August 2010 and has been extended until December 2040.

GCGI also agreed to increase supply from 12 MW up to 15 MW of power for one year starting September 2014 to September 2015, and up to 18 MW starting September 2015 until December 2040.

âWe are delighted that Capelco and GCGI have mutually decided to move forward with the partnership. More than just being business partners, we now consider our relationship as having gone to the next level. Tayo ay tunay na mag-Kapamilya. We assure Capelco that we will continue to provide clean, reliable, and competitively priced power with utmost dedication. We will continue to give customized energy solutions, fair pricing, competent technical assistance, and dedicated and responsive customer support at all times.â GCGI President Richard Tantoco said.

For his part, Capelco general manager Edgar Diaz said âCAPELCO was very pleased with the results of the re-pricing endeavors with GCGI given that its benefits will be directly felt by our member consumersâ.